Footware company Wolverine Worldwide has teamed up with private equity firms Blum Capital Partners and Golden Gate Capital to acquire Collective Brands, the parent company of discount shoe store Payless and Keds shoe brand for $2 billion cash, including debt.
The deal, which values Collective Brands at more than twice its August trading price, would divide Collective Brands’ assets between the consortium of buyers. Wolverine will acquire Collective Brands’ Performance and Lifestyle group, which reported $1 billion in 2012 revenue from popular brands such as Keds, Sperry Top-Sider and Stride Rite. The group will maintain its headquarters in Lexington, Mass.
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